- People have taken wait-and-watch approach since demonetisation in real estate transaction.
- In rental property demonetisation has no impact as it is not dependent on cash transaction.
- Property sales in 2017 in would dip as compared to this year.
Demonetisation has hit the real estate market in Bengaluru which thrives on black money, and owners, brokers are feeling the heat. Post currency ban, people are unwilling to buy property and postponing their decision making the owners and brokers worry.
According to a report in the Deccan Herald, vice-president (sales and marketing) of Ahmed Realty, Waquar Ahmed, confirmed that people have taken wait-and-watch approach since demonetisation as real estate transaction involve cash and people are being cautious with it now.
He also confirmed that there are no enquiries coming in from prospective buyers and his firm is relying on rentals in which people are expecting discounts while making payment through cheque.
Ahmed in hopeful that this is a short-term setback and in long-term real estate demonetisation will prove to be beneficial for real estate. However, he predicted that sales in 2017 in this sector would dip as compared to this year.
According to some owners who have posted the advertisements for the sale of property have not received any query from the buyers. The owners are under the debt of loans, but since buyers are not showing up, it is creating financial complications for them.
Some of the owners are ready to take banned currency, yet people are not showing any interest to buy property.
In the rental property, though demonetisation has no impact on as cash is not the basis of the transaction related to rental property.
Last Updated 31, Mar 2018, 6:38 PM IST